NOVATEK Increases its Stake in Terneftegas to 100%Source: RNS
FOR IMMEDIATE RELEASE
NOVATEK Increases its Stake in Terneftegas to 100%
Moscow, 26 August 2022. PAO NOVATEK ("NOVATEK" and/or the "Company") announces the acquisition of a 49% stake in Terneftegas, engaged in developing the Termokarstovoye field, from the TotalEnergies group. As a result, NOVATEK will own a 100% stake in Terneftegas.
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PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company's subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's natural gas production and approximately 15% of the world's gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.